Zacks Investment Research Upgrades Alleghany (Y) to Strong-Buy
Zacks Investment Research upgraded shares of Alleghany (NYSE:Y) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning. The firm currently has $639.00 target price on the insurance provider’s stock.
According to Zacks, “Shares of the Alleghany have outperformed the industry quarter to date. Also, the Zacks Consensus Estimate loss for 2017 has narrowed in the last 30 days. Alleghany’s strong performance across insurance and reinsurance operations will continue to fuel premium revenues. It strives to grow via acquisitions and organic initiatives as these not only diversify and strengthen its portfolio but also expand its international footprint. A solid balance sheet with healthy capital position supports shareholder-friendly moves and growth initiatives. However, exposure to cat loss induces volatility to underwriting results and thus drags the bottom-line performance. Escalating expenses weighing on margin expansion remain concern. Investment results too remain depressed owing to the still low interest rate.”
A number of other equities analysts have also recently issued reports on the stock. JMP Securities upgraded shares of Alleghany from a market perform rating to an outperform rating and set a $625.00 price objective for the company in a research note on Monday, September 11th. BidaskClub cut shares of Alleghany from a sell rating to a strong sell rating in a research report on Thursday, August 10th.
Alleghany (NYSE:Y) opened at $581.02 on Tuesday. Alleghany has a one year low of $521.07 and a one year high of $667.19. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.18.
Alleghany (NYSE:Y) last announced its quarterly earnings data on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($28.83) by $6.80. Alleghany had a net margin of 0.10% and a negative return on equity of 0.14%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the company posted $10.09 EPS. research analysts forecast that Alleghany will post -0.24 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in Y. Victory Capital Management Inc. increased its position in shares of Alleghany by 30.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,174 shares of the insurance provider’s stock worth $217,800,000 after purchasing an additional 85,145 shares in the last quarter. Davis Selected Advisers acquired a new stake in shares of Alleghany during the 2nd quarter worth about $46,379,000. Janus Henderson Group PLC increased its position in shares of Alleghany by 2,214.9% during the 2nd quarter. Janus Henderson Group PLC now owns 49,956 shares of the insurance provider’s stock worth $29,713,000 after purchasing an additional 47,798 shares in the last quarter. Findlay Park Partners LLP increased its position in shares of Alleghany by 24.1% during the 2nd quarter. Findlay Park Partners LLP now owns 202,142 shares of the insurance provider’s stock worth $120,234,000 after purchasing an additional 39,234 shares in the last quarter. Finally, Eaton Vance Management increased its position in shares of Alleghany by 32.8% during the 2nd quarter. Eaton Vance Management now owns 155,705 shares of the insurance provider’s stock worth $92,613,000 after purchasing an additional 38,419 shares in the last quarter. Institutional investors and hedge funds own 82.10% of the company’s stock.
Alleghany Company Profile
Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are conducted by its subsidiaries RSUI Group, Inc (RSUI), CapSpecialty, Inc (CapSpecialty) and Pacific Compensation Corporation (PacificComp).
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